I have a loan with Cash Genie for £250 with £75 interest. I emailed them regarding a repayment plan, below is my original email, and then their reply;

Hi,

 

I'm having some financial difficulties and would like to be put on a payment plan so I can get things back on track, and start using your service responsibly again. I have paid the rollover charge up until next month, and would like to start my repayment plan then.

 

I would like to offer:

 

February 22nd - £50

March 22nd - £50

April 19th - £50

May 17th - £50

June 14th - £50

July 12th - £75

 

I would like all communication to be made via email, so I can try and keep on top of what I'm trying to sort out.

Please advise.

Hi,

 

Can you please send us copy of your income and expenditure first before we can formally enter you into a payment plan. I attached here the form. Please fill it up and send it back to me.

 

I will temporarily set it but once we receive the form, we'll formally confirm the payment plan.

 

We also need to add 1 month interest to your outstanding since you are going to pay it in a longer period of time. So your outstanding balance would then be £400.00

 

Are you going to use same card details?

 

Kindest Regards

Maricel Suba

What should I do next, how much info should I give them etc.

Could you post that I&E form up please? Sending an I&E form isn't necessarily bad, IF it doesnt go into detail about your finances. The most they are allowed or should have access to is a simplified summary.

sure thing

Income and Expenditure Form

 

Loan ID: Customer Name:

 

No. people in household:

 

Income

 

Earnings – Self

 

Earnings – Partner

 

Child Benefit

 

Working Family Tax Credit

 

Other Income

 

Total Income

 

Expenditure

 

Rent/Mortgage

 

Council Tax

 

Water rates

 

Gas

 

Electricity

 

Phone/Broadband/Mobile

 

TV

 

Food

 

Insurances – car / life etc.

 

Petrol

 

Child care

 

Clothing

 

Cigarettes

 

Other

 

Total Expenditure

 

Surplus income available

 

Creditors: Balance:

 

Council Tax Arrears

 

Rent Arrears

 

HMRC

 

Quick Quid

 

Cash Genie

 

Lloyds TSB

Earnings - partner is not needed.

Child benefit is not needed

Surprisingly that I&E apart from those two things is semi-ok. ALthoug really you should just say "here's what you get". And sign it as a statement of fact. I'm still of the opinion that a PDL has no reason or need to see an I&E. If anything they get a simplified budget summary and thats it.

Can i ask if they put QQ, CG etc at the bottom? As that is NOT allowed.

Yep they were on the form, not added by me.

Then reject it. This PDL and others is well known for sharing info. They will take your info, contact the other PDL's and try and obtain bank details or other payment details IF you had loans with them. Then they would strip your account.

Just tell them your offer of repayment. If they refuse it, say "ok. You know i cant afford more, so until you accept, you are now getting £1 a month". Remember, even if they took you to court ( which is a long way off if it even happens, the court would NEVER make you pay more than you could afford. The PDL knows this very well, thats why they threaten and harass you to try and get more out of you.

So I can send back a shorter reply? I was thinking along the lines of

Rent, Food, HP, Loan Repayments, Phone bills, Bank charges

Also should I add in the £50 I am proposing to pay them? Or leave that out for now?

yea, you can do it like that if you want. Thats pretty much the same as a simplified budget summary. Even if you did decide to fill in that I&E form, CG will simply tell you to forgo some things or tell you to ask your creditors to accept lower payments so you can pay them.

yeah I thought they would, I am going to tell them I have offered every creditor the same on a pro-rata basis or something.

OP. Please note that only a Court may order you to provide any form of income and expenditure breakdown. Do not pay these leeches anything at all. Google the return address of an letter received, prior to opening the envelope, and if it is sent by a DCA or payday loan shark, simply write "Return to Sender" and place it in the nearest post box (no stamp required). Such organisations are unworthy of your attention. In the unlikely event of your being taken to Court, there are many useful posts upon CAG which you may find extremely helpful.

Not only a court. High priority creditors can, such as mortage etc. Low priority such as PDL's can go play with traffic.

An update on the Cash Genie situation. Have had no response since I emailed a summarized outgoings to them. Just sent them the following email; fyi my payday/due date is this coming Friday.

It has been 18 days and I have had no response to my queries. I have given you adequate notice about my current financial situation.

 

Please respond by Wednesday confirming my proposed repayment plan of £50 every 4 weeks. If I still have no response by then, I will have no choice but to cancel any CPA between you and my bank, and have to look to the OFT for guidance.

 

I shall not be paying another extension fee on my coming payday while I am waiting for official confirmation of my payment plan from you.

 

Thanks.

I sent it to the guy who emailed asking for I/E, and CC'd it to the Cash Genie main customer support email. Was this the right response to send?

I would cancel the CPA anyway. IF they get a hint you will default, they have been known to use the CPA to strip an account clean.

If I cancel the CPA can I still make payments to them from that account? If they don't co-operate by Thursday I'm sending my file for Cash Genie to the OFT, I want it to look like I've attempted to solve this as much as possible.

You can, but only make payments in the form of a standing order, or postal orders. Never give them your bank info.

Does a direct bank transfer via my online banking give them my info?

It can do. Thats why we advise you create a Standing Order. Don't let the PDL have the info so they can create it themselves.